WASHINGTON, D.C. — A new report released today by Better Markets exposes the sweeping scope of consumer financial protections that have been dismantled under the second Trump Administration, resulting in the loss of billions of dollars in savings and essential safeguards for American families. The report, The Demise of Consumer Financial Protection Regulations under Trump’s CFPB, catalogs over a dozen key rules repealed, vacated, or abandoned by Trump-appointed leadership at the Consumer Financial Protection Bureau. The Report collects each of these rules into a single source, clearly demonstrating the unprecedented scope of deregulation at Trump’s top consumer financial protection regulator. For each rule, the Report also identifies the likely benefits the CFPB previously projected the rule would bring to consumers, making the impact of this deregulation clear.
“The magnitude of the rollback and its costs for American consumers is staggering. These rules were originally designed to combat predatory practices, increase market transparency, and return financial power to consumers,” said Brady Williams, Legal Counsel at Better Markets. “The repealed protections were expected to save households billions annually—on overdraft fees, credit card penalties, and more—while ensuring fairness and transparency across financial markets. Instead, the Trump CFPB has aligned itself with industry interests, abandoning its mission to protect consumers.”
Highlights from the report include:
- $9 billion in annual savings lost from the vacated Credit Card Penalty Fee Rule.
- $5 billion in overdraft fee savings erased by the repeal of the CFPB’s Overdraft Fee Rule.
- Privacy and fraud protections gutted, as the CFPB rescinded rules overseeing data brokers, digital wallets, and Big Tech payment apps.
- Protections against debt collection abuse reversed, including the rollback of rules prohibiting the collection of time-barred debts.
The report also documents the Trump CFPB’s efforts to delay or abandon rules on medical debt reporting, small business lending transparency, and consumer rights in financial service contracts—all without meaningful public input. These reversals benefit financial giants at the expense of working Americans who rely on the CFPB to level the playing field.
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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.
